I bought a gently used upright Lifecycle 12 years ago for cross-training twice a week, and it still works great. Personally I prefer an upright bike to a recumbent - I actually find recumbents less comfortable, and the upright feels much more like a "real" bike. Definitely test before you buy. However, in general, bikes tend to work primarily the muscles in front of your legs (especially quads) whereas running works the muscles in back of your legs (especially hamstrings). In other words, a bike will build your aerobic capacity but not your most important running muscles. If you're looking for a closer approximation to running, but without the impact, I'd recommend an elliptical trainer. You can then do leg lifts with ankle weights a few times a week to very effectively build up your quads.
"...I've learned that you shouldn't compare yourself to the best others can do, but to the best you can do....I've learned that you can keep going long after you think you can't..." --- author unknown
2009 highlights...
• @ 10K: Fiesta Days Run, La Canada, CA, May 2009, 50:53
• @ 5K: Downtown Anaheim 5K, Anaheim, CA, June 2009, 24:45
• Long Beach Marathon, Long Beach, CA, October 2009, 4:43:10
• Post-marathon: Calabasas Classic 5K, Calabasas, CA, November 2009, 25:14